LTC/USD Retreats at $170 to Follow Downtrend

Litecoin Price Prediction – October 4

The Litecoin price faces a sharp price decline of around 1.36% at the time that the market opens and it currently trades at $168.35.

LTC/USD Market

Key Levels:

Resistance levels: $190, $200, $210

Support levels: $150, $140, $130

According to the daily chart, LTC/USD is trading in red as the coin drops toward the 21-day moving average. However, the Litecoin price failed to break above the resistance level of $170 as it’s been rejected. More so, the buyers may need to keep the price movement above the 9-day and 21-day moving averages so as a clear break of this barrier may take the coin up to the nearest resistance level of $180 level.

Litecoin Price Prediction: Any Hope for Litecoin (LTC)?

According to the daily chart, the Litecoin price after touching the daily low of $161.39, the coin is now trying to clear the losses, meanwhile, if the nearest support of $160 gives way, the sell-off may come to play and the market movement may be extended towards the lower boundary of the channel. However, sellers may be more dominant if the bears continue to post firm commitment as the technical indicator Relative Strength index (14) shows a slight downtrend, indicating the latest downward movement in the market.

Nevertheless, traders could see a sharp drop below the 9-day moving average if the market price drops more; breaking this barrier could further weaken the market to hit the supports at $150, $140, and $130. Therefore, if the buyers manage to fuel the market more, traders may expect a further increase to the resistance levels of $190, $200, and $210 respectively.

When compares with BTC, the Litecoin price keeps following the downtrend and for a trend reversal, there’s a need for an increase in volume to cause an upsurge in the market.  Looking at it presently, the coin is trading below the 9-day and 21-day moving averages ad traders can therefore expect a close support at the 3200 SAT before breaking to 3000 SAT and critically 2800 SAT.

In the meantime, there has not been any bullish move for the Litecoin market but if it occurs, it may validates a cross above the 21-day moving average and LTC/BTC may touch the nearest resistance at 3600 SAT. Furthermore, traders can then confirm a bull-run to the resistance levels of 3700 SAT and 3900 SAT respectively.

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